38.2-5017 - Plan of operation.

§ 38.2-5017. Plan of operation.

A. On or before September 30, 1987, the directors of the Program shall submitto the State Corporation Commission for review a proposed plan of operationconsistent with this chapter.

B. The plan of operation shall provide for the efficient administration ofthe Program and for the prompt processing of claims made against the Fundpursuant to an award under this chapter. The plan shall contain otherprovisions including:

1. Establishment of necessary facilities;

2. Management of the Fund;

3. Appointment of servicing carriers or other servicing arrangements toadminister the processing of claims against the Fund;

4. Initial and annual assessment of the persons and entities listed in §38.2-5020 to pay awards and expenses, which assessments shall be on anactuarially sound basis subject to the limits set forth in § 38.2-5020; and

5. Any other matters necessary for the efficient operation of the Program.

C. The plan of operation shall be subject to approval by the StateCorporation Commission after consultation with representatives of interestedindividuals and organizations. If the State Corporation Commissiondisapproves all or any part of the proposed plan of operation, the directorsshall within thirty days submit for review an appropriate revised plan ofoperation. If the directors fail to do so, the State Corporation Commissionshall promulgate a plan of operation. The plan of operation approved orpromulgated by the State Corporation Commission shall become effective andoperational upon order of the State Corporation Commission.

D. Amendments to the plan of operation may be made by the directors of theProgram, subject to the approval of the State Corporation Commission.

(1987, c. 540; 1994, c. 872.)